Angola's Unitel launches IPO, selling 15% stake

Angola’s state‑owned telecom operator Unitel announced the launch of an initial public offering that will place up to 15 % of its share capital – about 7.5 million shares – on the market. The sale is being managed by the Institute for the Management of State Assets and Participations (IGAPE) under the government’s privatisation programme (PROPRIV) and overseen by the Capital Market Commission. Unitel, which controls roughly 76 % of the Angolan telecom market and is jointly owned by the Angolan state and the state oil company Sonangol, hopes to raise around €282 million, with the share price set between 36 000 and 40 000 kwanza. The proceeds are earmarked for digital transformation, including investments in artificial intelligence and cloud computing over the next five years. The IPO closes on 24 July, marking a milestone in Angola’s effort to deepen its capital markets and increase private sector participation in state‑held enterprises.